M&T Bank Personal Loans Review

M&T Bank was founded in 1865 in Western New York and was originally called the Manufacturers and Traders Trust Company. Today, M&T is one of the largest banks in the United States with 780 branches largely concentrated in the east coast.

M&T offers its customers a full range of banking products, including checking accounts, savings accounts, and mortgages. It also offers personal loans. The bank offers competitive rates for both unsecured and secured loans, depending upon the borrower’s credit score and other financial factors.

If you’re considering taking out a personal loan from M&T Bank, it’s important to understand the rates and terms offered. This M&T Bank personal loans review will provide the info you need. You should also compare loan costs and terms from M&T with the best personal loan lenders to ensure you’re getting the right loan for your needs.

In this review:

• Applying for a M&T Bank Personal Loan
• M&T Personal Loan Rates, Terms, Fees and Limits
• Benefits of M&T Personal Loans
• Downsides of M&T Personal Loans
• States Where M&T Bank Operates

Applying for a M&T Bank Personal Loan

M&T makes it easy to apply for a personal loan online. You can also visit a local branch to get help from a banking professional with the application process.

To apply, you’ll need to provide some basic information, such as your social security number, state of residence, monthly housing payment, current outstanding debt amount, and in some cases, the purpose of the loan. It’s also a good idea to check your credit score before applying.

>> Read More: What credit score is needed for a personal loan?

M&T will look at your credit report when reviewing your application, but knowing how good your score is beforehand can give you an idea of how likely you are to qualify for favorable rates.

M&T promises a “fast approval process,” and most borrowers get a decision on their application within a few days. Loans can also be used for almost any purpose, except for paying educational costs.

If you’ve decided to apply for a personal loan with M&T, the first step will involve choosing between a secured or unsecured loan. The rules for eligibility and loan terms differ, so you’ll need to make this choice before applying.  

Cash-Secured Loans

M&T Cash-Secured Loans are available to borrowers who have an M&T savings account or an M&T Bank certificate of deposit (CD). If you have these existing products with M&T, you can apply online for a secured loan. Approval is easier and you have more flexibility in loan terms with a cash-secured loan. However, your savings account or CD will need to act as collateral for the loan.

When you pledge your assets as collateral, you put the money and property at risk. If you don’t pay back the loan, M&T can easily seize the assets that are guaranteeing the loan. With an unsecured loan, collecting on unpaid debt is much more difficult because the bank can’t simply take your money or property when you don’t pay.   

Since your assets are serving as collateral for the loan, you’ll also have to fulfill certain requirements, such as not cashing in your CDs early or spending every dollar in your savings account. If you’re willing to agree to these restrictions and to take the risk of a secured loan, you can submit your application directly through the M&T website.

>> Read More: Secured personal loans

Unsecured Loans

M&T Unsecured Loans do not require you to have collateral. This means these loans are riskier for the bank, so you’ll need better credit to qualify than with a secured loan. Your interest rate will also be a little higher to account for the fact that the lender is taking on additional risk.

If you’d prefer an unsecured loan, you can also submit your loan application online and benefit from fast approval. M&T will consider factors including your credit history, your income, your current debts, your desired repayment timeline, and the amount you’re looking to borrow when deciding whether to approve you and how much interest you’ll pay.

M&T Personal Loan Rates, Terms, Fees and Limits

It’s important to understand all of the terms of a loan before you apply. This includes the amount you can borrow, the loan repayment term, the interest rate, and any fees you’ll owe.

M&T provides some details on this information online, but you’ll need to complete an application to find out the specific rates you qualify for, as variable rates are based on your credit score and financial situation.

Rates and terms also vary depending on whether you’re looking for an unsecured or a secured loan.

Cash-Secured Loans

Some of the key features of M&T Cash-Secured Loans include the following:

• You can borrow between $2,000 and $100,000.
• Your APR could currently range from 4.740% to 6.99%.
• Interest rates are fixed, so you won’t have to worry about your rate or payment changing during the life of the loan.
• The maximum loan repayment term is 120 months.
• You can qualify for relationship discounts if you have an eligible M&T bank account.

Unsecured Loans

Unsecured Loans from M&T have different terms than their Cash-Secured Loans. Here are the key features of Unsecured Loans from M&T:

• You can borrow between $2,000 and $25,000.
• Your loan will currently have an APR between 7.49% and 12.49%.
• Interest rates are fixed, so your payment will never change during the life of the loan.
• The maximum loan repayment term is 60 months.
• Borrowers will receive relationship discounts if they have qualifying M&T bank checking accounts.

Benefits of M&T Personal Loans

Borrowing from M&T Bank has some big advantages compared with other lending options. Some of the benefits include the following:

• You have a choice of secured or unsecured loans: Many lenders only offer unsecured loans. The opportunity to secure your loan with your M&T savings account or CD can help you qualify for a lower interest rate.
• You’ll get personalized service: M&T has hundreds of local branches where you can go for help applying for and managing your loan. Many online-only lenders including Upgrade do not have local branches you can visit if you require assistance.
• You can qualify for relationship discounts: If you already do your banking with M&T, you benefit from a reduction in your APR just by having a qualifying check deposit account. You can’t get this type of discount from companies such as Upstart that don’t offer a broad array of banking services.

Downsides of M&T Personal Loans

You should weigh the benefits of M&T Bank personal loans against the downsides, including the following:

• The maximum loan limit for unsecured loans is well below many competitors: M&T only allows you to borrow $25,000, while many competitors offer much larger unsecured loans.
• The current starting APR on unsecured loans is pretty high compared with competitors. While the max APR is relatively low, you can qualify for the lowest APR only if you have an open M&T MyChoice Premium or Power Checking Account. Your loan term also can’t exceed 36 months and you’re required to establish automatic payments from an M&T bank account.
• Your assets are at risk with a secured loan: Putting your CD or savings account on the line makes borrowing much riskier compared with getting an unsecured loan.

States Where M&T Bank Operates

Here’s a list of all the states where M&T Bank does business:

• New York
• Maryland
• Delaware
• Pennsylvania
• New Jersey
• Virginia
• Connecticut
• Washington
• West Virginia

Bottom Line: M&T Personal Loans Are a Good Option for Many Borrowers

M&T personal loans stand apart from competitors because of the option to qualify either for a secured or an unsecured loan. This opens up the opportunity for borrowers to benefit from a reduced interest rate and an easier qualifying process by opting for a secured loan.

M&T’s rates and terms are also reasonable, so borrowers should add M&T to their list of lenders when comparison shopping for loans. Just remember to look at total costs, including interest and fees, when deciding which loan is best for you.

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¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.